Archive for September, 2011

Do you know what it feels like waiting for the Short Sale to be Approved by the Bank?

Well I do because I just completed my own Short Sale and am happy to share those thoughts.

It feels like all the weight I have been carrying has finally been lifted.

The constant burden one feels waiting, anticipating, felling helpless during the Short Sale process has been totally lifted off my shoulders. I can stand straight and tall now that the Short Sale has closed.

DETROIT (AP) — A 101-year-old woman was evicted from the southwest Detroit home where she lived for nearly six decades after her 65-year-old son failed to pay the mortgage.

Texana Hollis was evicted Monday and her belongings were placed outside the home. Her son, Warren Hollis, said he didn’t pay the bill for several years and disregarded eviction notices.

“I kept it from her because I didn’t want to worry her,” Warren Hollis told WXYZ-TV for a report that aired Monday night. “I was just so sure it wasn’t going to happen.”

Wayne County Chief Deputy Treasurer David Szymanski told The Associated Press on Tuesday that the Hollises took out an adjustable-rate mortgage in 2002. A default and foreclosure notice was filed in November.

“They ended up owing $80,000 on the home,” Szymanski said. “Warren indicates he did not make the payments. He got the notices, but threw them away.”

This is a first in a series of blog articles that wil be dedicated to helping First Time Home buyers understand how to buy a foreclosure.

Many people do not understand that Fannie Mae has a program that is called “First Look” that allows “First Time Home Buyers” the option to make offers on their homes over “Investors” offers.

“First Look” is a way Fannie Mae encourage more homeownership and let’s be frank a real estate market driven by homeownership vs investor driven market is a healthier real estate market.

So for the first 15 days a Fannie Mae Property is on the market it can only receive offers from buyers who want to occupy the home. Investors are not permitted to make offers during this 15 day “First Look” period.

So if you are a first time home buyer then I would consider buying a Fannie Mae owned property.